Omicron uncertainties continue, but no impact on oil market: Novak

05/01/2022 Argaam

Russian Deputy Prime Minister Alexander Novak

The new coronavirus variant Omicron is not currently affecting demand for oil due to the lower hospitalization rate, although there are still uncertainties related to the new strain, Russian Deputy Prime Minister Alexander Novak told Russia-24 news channel.

 

Russia’s compliance with the deal reached 97% in November, he added.

 

OPEC+ agreed to maintain the current oil production policy for February.

 

“For Russia, it means that in February, we will reach 85% in the production recovery from the maximum reduction level we had in May and June 2020,” he stated, adding 1.7 million barrels per day will be restored.

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